[News] Gilgit-Baltistan has hughe potential of Hydropower Generation

LAHORE: Gilgit-Baltistan Chief Secretary Baber Yaqoob has said Gilgit-Baltistan has the potential to produce 40,000 megawatts of hydropower and offers huge opportunities to local investors.

According to a statement released by the Lahore Chamber of Commerce and Industry, Baber Yaqoob was briefing a 16-member LCCI delegation headed by its President Zafar Iqbal Chaudhry.

Yaqoob said Gilgit-Baltistan also had marvelous and matchless potential for tourism, minerals and mines, communications and food industry which needed to be tapped.

He said Chinese investors were already working on various hydropower projects but there was a need to encourage local investors as well. “This will not only bridge the gap between demand and supply but will also make energy available for export.”

Giving details of infrastructure development in the area, he said a three-lane road from Gilgit to the Sust border was being constructed which would be completed by 2011. The new road would also help expedite business activity in the region besides opening new avenues for potential investors.

“The government is also setting up an industrial zone over 10,000-12,000 kanals, which will provide all industrial-related infrastructure and facilities to investors. Development of the area and generation of new jobs is linked with this venture, which will prove wa in-win situation for both investors and local population,” he added.

Impressed by the presentation given by the chief secretary, LCCI President Zafar Iqbal promised that the chamber would hold an exhibition of precious stones to highlight the potential of the area.

He said he was surprised to find out the potential of Gilgit-Baltistan in the food industry which was matchless and any investment in that particular sector could provide rich dividends for the investors.

He said there was an urgent need to set up a processing and packaging plant as well as food storages to avoid losses and increase exports of dry fruit, which were abundantly available in the region. LCCI members expressed keen interest in establishing various projects in Gilgit-Baltistan. Coutesy The News International